IEDA awards over $3 million in workforce housing tax credits to Polk County projects
Six local projects among 49 awarded credits statewide
On Sept. 21, the Iowa Economic Development Authority (IEDA) awarded $29.8 million in workforce housing tax incentives to 49 projects across Iowa.
In Polk County, 6 projects were awarded a combined $3.1 million in tax credits. Those projects will support new construction of 173 new rental housing units and rehabilitation of an additional 150 rental units.
Five are located in Des Moines, while the sixth (Junction Development Catalyst, LLC) is a project in West Des Moines. Two received the maximum credit award of $1 million.
IEDA reported it received applications for nearly triple the incentives available in this funding round. The agency says projects were “scored competitively based on readiness, financing, need and local support and participation.”
Iowa’s Workforce Housing Tax Credit encourages development and rehabilitation of housing in Iowa, especially focusing on rehabilitation of vacant or underused property.
Receipt of the tax credit does not require that future residents of the property will need to meet income guidelines; however, to qualify, project costs cannot exceed $200,000 (or $250,000 for historic rehabilitation) per unit.
Polk County projects funded
Project title .. Project type .. Number of units .. Credit awarded
- Tree House .. Rehab .. 93 units .. $1,000,000.00
- Urban Campus Apartments LLLP .. New Construction .. 42 units .. $235,392.00
- Dogtown Project .. New Construction .. 120 units .. $1,000,000.00
- Concord Building .. Rehab .. 43 units .. $426,500.00
- Junction Development Catalyst, LLC .. New Construction .. 11 units .. $215,010.00
- 3524 6th Avenue Historic Rehabiliatation .. Rehab .. 14 units .. $209,486.00
Source: Iowa Economic Development Authority